Petronas has inked a shareholders' agreement with Versalis, Eni's chemical unit, to set up a joint venture (JV) company to manufacture, sell and market elastomers.
The elastomers will be produced within the proposed Refinery and
Petrochemical Integrated Development (RAPID) complex in Pengerang, Johor.
In a statement today, the national oil and gas company said its unit, Petronas Refinery and Petrochemical Corporation (PRPC) Sdn Bhd, will have a 60 per cent interest in the proposed JV, and Versalis the rest.
The agreement, for an initial period of 30 years, was signed in Kuala Lumpur by PRPC's chief executive officer Juniwati Rahmat Hussin and Versalis' chief executive officer Daniele Ferrari.
Under the agreement, the JV company will use Versalis' technology
licence and technical know-how to produce and market synthetic rubbers from four separate elastomer plants, it proposes to build within RAPID.
Petronas said this would significantly contribute towards strengthening the company and Malaysia's position as a key downstream petrochemical player in the Asia Pacific.
"This JV also allows PRPC to progressively advance its position in the areas of elastomers and for Versalis to gain a foothold in the Asia Pacific," its chief operating officer and executive vice president for downstream business, Datuk Wan Zulkiflee Wan Ariffin said.
The proposed RAPID project is Petronas' largest liquid-based green-field downstream undertaking in Malaysia.
It will have a 300,000-barrel per day refinery to supply the petrochemical complex, apart from producing a host of refined petroleum products, including gasoline and diesel that meet the Euro 4 and Euro 5 fuel specification
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